IPO duo set to debut Wednesday

VistaCare, Commercial Capital queue up for debuts

SteveGelsi

NEW YORK (CBS.MW) - Initial public offerings from hospice care specialist VistaCare and regional bank Commercial Capital are on deck for debuts on Wednesday as the IPO market powers down for the year.

No other IPOs are slated to debut in 2002 as the new issues sector takes a traditional holiday breather.

The first IPOs of 2003 are now tentatively scheduled for the week ending Jan. 10. Provident Financial
PFS, +1.30%
is slated to go public on Jan. 7 in a deal valued at about $600 million , according to Alert-IPO.com.

The IPO market is ending 2002 with more of a sigh than a roar, although activity has definitely picked up from the doldrums that took place in the summer and early fall of the year.

VistaCare

The Scottsdale, Ariz. operator of 38 hospice programs in 14 states plans to offer 6 million shares at $11 to $13 each.

The company rang up net income of $930,000 and revenue of $28.2 million in the first quarter of the year, up from a loss of $2.1 million and revenue of $21.7 million in the year-ago period.

Competitors include Beverly Enterprises
BEV, +4.55%
and Odyssey Healthcare
ODSY.
Odyssey went public a little over a year ago at a price of $15 per share. It's now trading a more than double that level, at $32.19.

Commercial Capital Bancorp

Commercial Capital Bancorp
CCBI
plans to offer 5 million shares at $9 to $11 each in a bid to raise up to $55 million with underwriter Sandler O'Neilll & Partners.

The Irvine, Calif. bank rang up net income of $3.9 million in the first six months of the year vs. net income of $127,000 in the year-ago period.

Operating in Orange County, the bank as of June 30 had total assets of $649.1 million, net loans held for investment of $333.9 million, total deposits of $256.2 million and stockholders' equity of $33.4 million.

The banks said it's, "recognized as one of the leading originators of multi-family residential real estate loans in California, having ranked fourth in the state in originations of such loans during the six months ended June 30."

IPO scrapped

Idenix Pharmaceuticals withdrew its $115 million initial public offering on Monday in the face of difficult market conditions.

Formerly called Novirio Pharmaceuticals Inc., the company specializes in the discovery and development of drugs for the treatment of human viral and other infectious diseases.

The company, which rang up a loss of $61 million and revenue of $1.3 million last year, filed to go public in April with underwriter Goldman Sachs.

Company

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